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After the plan to obstruct Kumho's cooperation with Microsoft was vetoed, Lee Jae-so, on behalf of Samsung Electronics, held an emergency meeting with the Wenzhou City Government to discuss Samsung Electronics' plan to build a joint venture in Wenzhou. Pen? Interesting? Pavilion wWw. ｂiquge。 ｉｎfo

Compared with the long preparatory period for the construction of the factory between Zhongjing Microchip and Huaxia NEC, the negotiation speed between Samsung Electronics, Wenzhou Municipal Government and Horizon Investment on the joint venture of Samsung Hongxin is really amazing.

Wenzhou Guanhai Hotel, a 36-storey senior suite, Lee Jae-so stands in front of the floor-to-ceiling glass windows, looking at the sea in the distance, the busy harbor and the neat and vast Lingang Industrial Zone.

In Beijing, Jianye, and Wenzhou, Lee Jae-so deeply felt that although there are still problems in the country under his feet, he cannot deny the fact that it is rising rapidly.

As a HG person, we should be proud of HG's economic achievements in the past 30 years, but we must also see that when China really rises, HG, which is squeezed into a corner of Northeast Asia for China and RB, will be quite embarrassed and embarrassed. Geopolitically, HG has no chance of becoming a great power, but ordinary HG youth, who have the self-confidence to inflate the economic achievements of the past 30 years, will never admit it.

Lee Jae-so closed his eyes in a complicated mood, starting from his personal feelings, he would never want to see China rise one day, but the denial of covering his ears and stealing the bell will not help solve the actual problem, and the actual situation, Samsung Electronics must face the competitive threat from Kumho head-on.

The choice of this time to build a joint venture with the Wenzhou Municipal Government and Horizon to build a wafer factory seems a bit hasty and well thought out. Lee Jae-so knew that his uncle came to China to visit in the summer, and he has always been very concerned about the Chinese market, and he should have thought deeply about it. Whether it was the rejection of Samsung Electronics' plan to directly sabotage Kumho's cooperation with Microsoft, or the decision to build a wafer factory in China, the decision was short and resolute, and undoubtedly correct.

On the one hand, it can cooperate with Mitsui to squeeze on Sinochip Microchip, so that the cost of the new plant construction of Sinochip will increase the cost from equipment procurement, financing, policy support, market competition and other aspects, and it is best to force Sinochip to abandon the new factory construction plan, even if Sinochip is still stubborn to build a new factory, it will squeeze out Kumho's resources in other industrial fields, which is also beneficial.

On the other hand, Samsung Electronics has long decided to gradually shift its manufacturing focus to China to reduce manufacturing costs. It's just that wafer manufacturing belongs to the foundation of the electronics industry, whether to transfer it, when to transfer, not to mention that there is a dispute within Samsung, and the HG people and government authorities are also controversial about this - at present, if we continue to dwell on these controversies without actual action, Samsung's disadvantage in manufacturing costs will become more and more obvious - this is the fundamental reason why Samsung decided to build a wafer factory in China.

Kim Nam-yong knocked on the door and came in, saw Lee Jae-so standing in front of the window looking at the sea, and came over to him and said, "Secretary Kim and Mayor Han are about to arrive at the hotel, shall we go down to greet them?" ”

"Kim, Han ......" Lee Jae-so smiled faintly and said jokingly, "It sounds like we HG people." ”

Kim Nam-yong also smiled, thinking that China's vicious internal competition is really breathtaking.

The reason why the decision to build the factory in Wenzhou instead of choosing the site in Jianye is that the Wenzhou Municipal Government and Horizon Investment have committed to providing all low-interest loans from financial institutions such as Xintong Bank and Wenzhou Commercial Bank for the huge amount of money required to build the factory, and the Wenzhou Municipal Government will fully undertake the construction of supporting projects, and Samsung Electronics will hardly have to bear any additional risks for this except to provide technical and engineering management and technical personnel. In fact, the so-called Samsung Hongxin is actually just Samsung Electronics in HG Shuiyuan City, a 0.35 micron eight-inch wafer factory as a whole to relocate to Wenzhou, the price of the equipment will also be calculated according to the current price of the new equipment, HG water source factory equipment is empty, you can make room for 0.13 micron four lines, Jin Nanyong really can't think of any reason to refuse to cooperate with Wenzhou.

It's no wonder that Lee Jae-so joked that Jin Liping, the secretary of the municipal party committee of Wenzhou City, and Han Qigeng, the mayor of Wenzhou City, are like HG people.

"How long will it take for Yan Wenjie to come over?" Lee Jae-so picked up the suit on the sofa and put it on, ready to go down with Kim Nam-yong to greet Wenzhou's owner.

In the matter of the joint venture to build a wafer factory, Yan Wenjie and Horizon are matchmakers, Li Jae-so knows in his heart that it is actually Chi Zuoxiu who came up with the idea behind his back, some time ago, Ji Zuo Xiuzang stayed in Jianye and had close contact with Yan Wenjie, otherwise how could Yan Wenjie catch the itch of Samsung all at once?

The joint venture wafer factory, Horizon will hold 25% of the shares, and the Infocomm Bank, which is controlled by Horizon, will also provide the same proportion of low-interest loans for the construction of the fab, which is also a very cost-effective deal for the Horizon system, and the investment risk is actually transferred to the Infocomb Bank.

In addition, Wenzhou Urban Construction Investment Group, which is directly controlled by the Wenzhou municipal government, holds 25% of the shares, and Samsung Electronics holds 50% of the shares. Nominally, Samsung Electronics does not control the joint venture fab, but in fact, the entire technical team and management of the wafer fab will be directly controlled by Samsung Electronics in the future, is there a more direct and strict control?

"Yan Wenjie will come over with Director Yan, and there may be some delays." Kim Nam-yong said.

Yan Yi's power in eastern Zhejiang is really terrifying, Yan Yi, as Yan Wenjie's cousin and Yan Kuanhe's nephew, has held a leading position in Wenzhou for a long time, after the Hongxin Department surfaced, Yan Yi was transferred from Wenzhou to serve as the director of the National Industrial Machinery Committee, and there is news that Yan Yi will enter the China Planning and Development Commission as the deputy director in charge of industry.

Yan Wenjie received a call and heard that Jin Liping and Han Qigeng had arrived at the Guanhai Hotel, and he also urged the driver to drive the car faster, after all, it was rude to let Jin Liping and Lee Jae-so wait too long.

For Samsung Hongxin's investment plan, Yan Wenjie is still extremely satisfied. In fact, Horizon does not need to directly bear any investment risk, all to do is to provide a proportional registered capital of 2.5 million US dollars, Samsung Macro Chip, as Samsung Electronics' 0.35 micron thread chip production base in China, will receive internal orders from Samsung Electronics, and cannot worry about the bad situation in the external market.

The reason why Zhongjing Microchip can live a nourishing life, and the market prospect of Huaxia NEC after it is put into production, is nothing more than that Zhongjing Microchip has obtained a large number of internal orders from Kumho.

For this kind of sure-fire business, how could Yan Wenjie let Horizon miss it? When Jian Ye had a secret meeting with Chi Zuo Xiuzang, he heard Chi Zuo Xiuzang's suggestion, and Yan Wenjie saw the many hidden benefits at that time.

Although it is said that it is pleasant to besiege Kumho together, as a businessman, the first consideration is profit.

Yan Wenjie knows very well that after the joint venture, Samsung Hongxin will be tightly controlled by Samsung, and Samsung has enough financial means to maximize Samsung's profits, although it is a profitable business for Horizon, the actual profit is also extremely limited. This profit is really worth it, but what kind of chain reaction will it have if 25% of the equity of Samsung Hongxin is held by Haisu Technology, which is controlled by Horizon?

In Jinshan Qinyuan, in the luxurious living room on the bank of the Yinma River, Zhang Ke was in the study, staring at the stock chart on the computer screen for a while, and then walked to the window and looked at the sparkling waves on the surface of the Yinma River under the sunset.

Ye Jianbin sat on the sofa on stilts with two legs, smoking like a gentleman, spitting smoke rings there quite proudly, and saw Zhang Ke's eyes off the computer screen, so he said to him: "Yan Wenjie's brain is extremely smart, and his brain is better than his, I don't see it much......" He also stretched out his finger and pointed to his temple.

Zhang Ke turned around, stood against the windowsill, and said with a smile: "His ambition is also very big, the only drawback is that he is too greedy, and he doesn't know how to leave some limits." ”

"He probably thought that he could really build Haisu Technology into a glittering leading technology enterprise with the technique of four or two thousand catties." Ye Jianbin said disdainfully.

The Shanghai and Shenzhen markets are still oscillating and adjusting today, due to the news that Horizon Investment will let Haisu Technology come forward to participate in the joint venture construction plan of Samsung Hongxin, and the stock price will be paid to the price limit as soon as the stock price opens today. Due to the implementation of the free share distribution plan in the third quarter of Haisu Technology, on the surface, the stock price has declined in the past two months, and the actual market value has nearly doubled.

"Alas," Zhang Ke shook his head and sighed, and said, "It's going to rain, my mother is going to get married, let them toss, as long as the rules are broken and don't break Kumho's head, can we still reach out to stop them?" ”

Obviously, according to the normal rules of the game, Haisu Technology is not qualified to participate in the investment of such a major project as a wafer factory, at least the capital strength is far from enough.

In addition to the huge financing from financial institutions and bank consortiums, Kumho and other shareholders jointly bear 50% of the capital contribution obligations of about US$600 million. In the event of losses or other operational risks, the shareholders' capital contribution will also be borne first; Generally speaking, when there is an operating risk, the loss of equity far exceeds the loss of creditor's rights.

However, Samsung Hongxin has completely transferred the investment risk to financial institutions, and the joint venture shareholders have not invested much money in it at all, and there is almost nothing to lose, and Haisu Technology can also participate in the joint venture of Samsung Hongxin with four or two thousand pounds, and only provide 2.5 million US dollars of registered capital to hold 25% of the equity of Samsung Hongxin.

Although Samsung Hongxin's joint venture plan is to destroy the bottom limit of the rules of the game, but with the support of the local governments of Eastern Zhejiang Province and Wenzhou City, Zhang Ke and they just want to sabotage, and they also have regrets that they can't reach.

In the long run, Wenzhou's economic development is second to none in East China, and the economy of eastern Zhejiang Province was also better than that of East China Sea before 97 or 98. The rise of Huishan, Jianye and Haizhou in recent years, especially the strong rise of high-tech industries, has raised the economic development level of Donghai Province to a new stage, which has overshadowed eastern Zhejiang Province. In addition, Xinting's Dongshan Island port construction project is in full swing, which will also disperse the competitive advantages of many coastal cities in eastern Zhejiang Province, including Wenzhou, in the field of port industry.

In this context, it is not difficult to understand that the local government of eastern Zhejiang came forward to finalize the joint venture plan with Samsung Electronics for Samsung Hongxin; As a representative of the traditional local forces in eastern Zhejiang Province, it is not difficult to understand that Horizon has taken advantage of it.

Fu Jun knocked on the door and came in and said, "Secretary Zhao has arrived at the hotel." ”

"Ah, Zhao Youlun is here," Ye Jianbin got up from the sofa at this time, slapped the cigarette ash off his body, and said with a smile, "He probably wants to persuade us to build a wafer factory in Jinshan, and he doesn't want to think about the miserable ...... we have for Mitsui, Samsung, TSMC, Huaxia Electronics, and Horizon to join forces to besiege us."

Ye Jianbin said in a relaxed tone, but it did not mean that Kumho was in an easy situation at this time.

As soon as the news was announced, the prices of wafer manufacturing equipment in Europe and the United States rose sharply immediately, and the main investment in the wafer factory was these expensive manufacturing equipment, and China Chip Microchip was forced to abandon the original factory construction plan. To revise the factory construction plan, we will have to sit down and discuss with other shareholders such as Deyi, Yunyuan and Singapore Innovation.

Just as Microsoft will not mind paying hundreds of millions of dollars more to buy the equity of Global Music Online for the overall benefit of the industrial layout, Deyi will not mind taking on an additional $100 million or two for the construction of the new factory; Kuok's has a close relationship with Kumho, but after all, Kuok's Yunyuan Group is still a family business, and its real capital strength is limited, and an additional investment of one or two hundred million US dollars will seriously affect its investment plans in other fields......

"Others are coming to fight, we have to break through, it's really funny," Zhang Ke shook his head and smiled bitterly, and said, "I'll invite Mr. Guo, you go to deal with Zhao Youlun first?" ”

Zhang Ke and Ye Jianbin walked to the corridor, Guo Songyan was also walking out of the room with his wife, when he just got off the plane, his blood pressure was a little high, and he was tired from running around in the past two days, so he went back to the room to rest for a while when he arrived in Qinyuan, and then he recovered his spirits, saw Zhang Ke, and said: "Singapore has the intention of retreating......

Zhang Ke nodded and expressed his understanding: "The prospects of the chip market are unclear, and the chip production capacity in the Asian market will increase dramatically, and when the investment budget is likely to rise sharply, a conservative investment posture is appropriate......

"It's understandable, but it's tricky." Guo Songyan sighed slightly, for this matter, Sun Shangyi still stayed in Singapore to negotiate with the relevant parties, Singapore retreated, according to the previous factory construction budget will directly produce an investment gap of nearly 400 million US dollars, after the sharp rise in equipment prices, the investment gap is likely to expand to 600 million US dollars, not an ordinary tricky.

"I wonder if that's possible...... Since the operation of Zhongjing Microchip for one year, it has actually proved that Kumho's internal orders can ensure profitable operation, and can the equity held by the Singapore side be transferred to the direct holding of Licensed Semiconductor? ”

"The concession has been losing money for six consecutive quarters, and without the support of the Monetary Authority of Singapore, the concessionaire is not able to take over the equity of Zhongjing Microchip held by the Monetary Authority of Singapore, let alone the ability to undertake the task of contributing to the new factory......"

Singapore Licensed Semiconductor is the world's fourth largest chip foundry, but due to Singapore's small place, limited human resources, and the size of the electronics industry is far less than that of Japan, South Korea and Taiwan, its competitiveness in the foundry market is far lower than that of TSMC. After the completion of a number of concession wafer factories, even if there is a profit, it is a small profit, most of the time is a loss, from the second half of '97, it is the direct impact of the Asian financial turmoil, Japan and South Korea's currency exchange rate fell sharply, on the one hand, the Japanese and South Korean economies suffered losses, on the other hand, it stimulated the development of Japan and South Korea's export processing industry, in the chip foundry market, the licensed semiconductors are at a disadvantage. Even with the current wave of new technology, it is far from reviving the franchise.

Kumho and Singapore's cooperation on Sinochip Microchip is actually a cooperation with licensed semiconductors, and the initial 0.35 micron technology mainly comes from licensed semiconductors, but the financial situation of the franchise is worrying, and it was only when the Monetary Authority of Singapore came forward to directly hold shares in Sinochip Investment.

The financial situation of the franchise is even more worrying than two years ago, theoretically speaking, there is no possibility of directly holding shares in Zhongjing Microchip, Guo Songyan looked at Zhang Ke suspiciously, and did not know why he suggested that the franchised semiconductor should directly hold shares.

"Now everyone is beating up Zhongjing Microchip," Zhang Ke asked Guo Songyan to walk in front, and said as he walked, "But I think the concession of semiconductors has not had a good time in the past two years." Asia's chip production capacity will surge next year, but the market prospect is uncertain, and the days of licensed semiconductors will be even more difficult next year, especially in the 0.25 micron process chip foundry market, the competitiveness of the franchise will be even worse, even if it is judged that the franchise will completely lose its competitiveness in this market next year, it is not an exaggeration......"

"Ah......" Guo Songyan grasped the main point of Zhang Ke's thoughts, raised his fingers in front of his eyes and waved, "It is a wise choice for franchising to avoid sustained huge losses and close the production line with poor competitiveness...... Although the concessionaire does not have the ability to directly come up with hundreds of millions of dollars, do you want the concessionaire to ship the closed production line equipment to China as a contribution to Sinochip Microchip? ”

"Well," Zhang Ke nodded, confirming Guo Songyan's guess, "On the one hand, the price of new equipment has skyrocketed, and the rise is heart-wrenching, and I don't want to suffer a big loss on this; On the one hand, franchising a less competitive, long-term loss-making production line to SM Microchip can be converted into a profitable investment – I can't think of a more win-win solution......"

"Well," Guo Songyan nodded heavily, "This plan is very good, and it is very promising to convince the Singapore authorities...... Why didn't you tell me earlier, I don't have to worry about high blood pressure on a plane. ”

"I also saw Samsung Hongxin's plan before I had such an idea, when I had this idea, Mr. Guo, you were on the plane," Zhang Ke said with a smile, "Samsung Hongxin's joint venture plan, Mr. Guo has not seen it?" This plan is actually Samsung Electronics to transfer the wafer production line with poor domestic competitiveness to China...... I think there is a precedent for Samsung Electronics, and it will be easier for Singapore to accept it. ”

"I haven't seen the joint venture plan of Samsung Hongxin, I haven't seen ......," Guo Songyan said.

Zhang Ke asked Fu Jun to go back to the room and show Guo Songyan the joint venture plan of Samsung Hongxin, and continued: "In addition, as far as I know, the Singapore authorities have not given up their intention to support the franchise now, but if the franchise is to be supported, it is necessary to put on the 0.13 micron production line, so as not to completely suppress TSMC and Japanese and South Korean wafer factories...... In this case, the concession needs to transfer the less competitive production line to relieve the operational pressure, and if the Singapore authorities are willing, we can sit down and talk about the 0.18 micron production line......"

"0.18 microns is a bit difficult, and there are still some profitable ...... to licensing on it," Guo Songyan said, thinking for a while.

Singapore's small land, any competition in the low-end market, must be severely limited by the narrow local market, high human resource costs, only in the high-end market, Singapore's electronics companies can rely on capital, advanced technology advantages, to maintain a certain competitiveness.

In fact, in the future, the franchise will actually choose to embark on a path of abandoning the low-end market and maintaining competitiveness with advanced process technology. Even so, the development of the concession has been extremely difficult and bumpy.

"It's hard to talk about it, we mainly fancy the licensing of 0.25 micron thread equipment," Zhang Ke also knew that it was difficult to license the 0.18 micron production line to Zhongjing Microchip, and said: "In addition, I would like to report to Mr. Guo that the Kumho 512m flash memory chip prototype has been developed, which is designed with 0.13 micron threads, which may increase some bargaining chips?" ”

"Ah, Oak Park has already done this?" Guo Songyan asked happily, "It's really not simple, I think there is a lot of hope for negotiation, I rested in Jinshan for two days, and there was a plane to Singapore two days later, Mr. Sun is in Singapore, and he can directly communicate with the senior management of the Monetary Authority of Singapore and Temasek......

The market size of flash memory chips is getting bigger and bigger, and striving for flash memory chip foundry business will be a battlefield for wafer foundries. In the flash memory chip market, Kumho is not in a weak position compared to Toshiba and Samsung, and Kumho's orders are definitely attractive.

Walking through the zigzag corridor of the Qinyuan guest room area, I walked to the banquet area in the front hall, where Zhao Youlun, secretary of the Jinshan Municipal Party Committee, and the accompanying officials were already waiting. At this time, Zhongjing Microchip is facing the siege of many wafer manufacturers in Asia, and Zhao Youlun is also very clear about this situation, but he is still very confident in Deyi and Kumho behind Zhongjing Microchip.